Europeans Shares Are Mixed
LONDON (AP) _ European shares were mixed Wednesday, with a sluggish opening on Wall Street wiping out most early gains.
Stock markets throughout Europe had responded bullishly in early trading to Tuesday’s technology-led increases in the United States. But a statement from WorldCom on Wednesday that it was lowering its fourth-quarter earnings estimates pushed European tech shares back down.
Compounding those woes, U.K. mobile phone giant Vodafone spiraled lower in the wake of news that it was subject to a broker downgrade, closing down 10 pence to 276.75 pence.
Other telecoms followed Vodafone’s negative lead, with British Telecom losing 18 pence to 790 pence, Cable & Wireless dropping 45 pence to 930 pence, France Telecom falling 5.6 euros to 121.90 euros, and Deutsche Telekom off .88 euros to 43.37 euros.
The Dow Jones Euro Stoxx Index, which tracks companies in countries that joined the single currency, was up 2.45 points at 422.11. The Dow Jones Euro Stoxx 50 Index was up 33.8 points at 5,091.3.
The Dow Jones Stoxx Index of shares in European companies was down 0.35 points to 387.68, while the Dow Jones Stoxx 50 Index had risen 0.7 points to 4,954.2.
London’s FTSE 100 index of leading shares closed up 19.2 points at 6,457.6 points, and France’s CAC-40 finished up 11.39 at 6,409.05. Germany’s Xetra Dax closed down 1.74 points at 7,075.70.